Gas prices have been on a roller coaster in recent years, with both high and low peaks. As a driver, it can be frustrating to constantly see the price of fuel fluctuate. However, have you ever considered the impact that your vehicle’s fuel economy has on your wallet?
The truth is, the better your car’s fuel economy, the less you’ll be spending on gasoline over time. According to the United States Department of Energy, vehicles with higher fuel efficiency can save their owners hundreds or even thousands of dollars in fuel costs over the life of the car.
But how does fuel economy actually affect your wallet? Let’s break it down:
Firstly, let’s define fuel economy. It refers to the number of miles your car can travel on a gallon of gasoline. For example, a car with a fuel efficiency rating of 25 miles per gallon (mpg) can travel 25 miles on one gallon of gas.
Now, let’s say you drive 12,000 miles per year. If your car has a fuel efficiency rating of 20 mpg, you’d need 600 gallons of gas for the year (12,000 miles divided by 20 mpg). Assuming the average price of gas is $2.50 per gallon, you’d be spending $1,500 per year on gas. However, if your car had a fuel efficiency rating of 30 mpg, you’d only need 400 gallons of gas for the year. At the same average price of gas, you’d only be spending $1,000 per year on fuel.
That’s a savings of $500 per year just by having a more fuel-efficient car. Over the course of several years, those savings can really add up.
In addition, fuel economy can also affect the resale value of your car. A car with better fuel economy will likely have a higher resale value because it will be more attractive to potential buyers who are looking to save money on gas in the long run.
So, how can you improve your car’s fuel economy? One of the easiest ways is to keep up with regular maintenance, such as oil changes and tire rotations. Underinflated tires, for example, can decrease fuel efficiency by as much as 3%. Driving habits also play a role. Aggressive driving, such as rapid acceleration and sudden braking, can decrease fuel efficiency by up to 40%.
Lastly, consider purchasing a more fuel-efficient vehicle the next time you’re in the market. Hybrid and electric vehicles have become more affordable and widely available in recent years, and can provide significant savings on fuel costs.
In conclusion, fuel economy is an important factor to consider when it comes to the cost of driving. By choosing a more fuel-efficient car and practicing good driving habits, you can save money on gas and potentially increase the resale value of your vehicle.